Abstract:
The main purpose of this research is to investigate the effectiveness of Surveillance measures and provide a model for Updating of appropriate supervisory systems with market anomalies in Tehran Stock Exchange and Overseas Iran. This research is a descriptive survey that consists of two parts. The first part is the prioritization of market abnormalities, which the method of theoretical discussions collecting has been library, as well as the information necessary for the realization of the research objectives using distribution and collection a questionnaire was conducted among 22 supervisors of Tehran Stock Exchange. In the second part of the research, the effects of identified abnormalities in securities transactions on the efficiency of Tehran Stock Exchange at two levels of large and small companies been investigated. The results of the survey briefly state that in large companies the most violations are affected by price and transactions manipulation, while in small companies, often violations will be due to the inside trading-based transactions. It can also be concluded that the anomalies of trades on the stock exchange reduce market efficiency.
Machine summary:
Therefore, the main goal of the present research is to discover various types of anomalies existing in the Tehran Stock Exchange in order of priority of importance from the perspective of market regulators, and then to provide effective solutions to focus the efforts of market supervision department experts on discovering fraud and manipulation and preventing their waste of time on ineffective investigations.
Meulbroek Executing fictitious transactions Selling at a loss and rebuying Destructive behaviors: Undervaluing and buying Spreading falsehoods about specific stocks Market regulator Improperly inducing shareholders Offering buy (sell) prices different from Occurrence of market manipulation Trading with the aim of price making Price and fraud: High sales volume to reduce in the market price Extensive Chinese orders with the aim of Manipulation based on inducing a boom transaction Discovery and Prevention of transaction by another brokerage Occurrence of violation in transaction at non-optimal price Market supervision department: Announcement of unconventional quotes Increasing factors: Broker's interference with the customer market Slightly indicative: Excessive trading with one Abuse of account Occurrence of violation in market mechanism: Executing a transaction without changing Market supervision department: Final ownership market Registration and rapid deletion of orders: Market control through registering fictitious orders Providing abnormal prices and rumors Transactions based on spreading inside information Obtaining unusual returns Outperforming insiders Figure 1: Adjusted model of fraudulent behaviors and potential manipulations in the world's stock exchanges The research dependent variable consists of three variables: a) the amount of telephone calls to brokerages, b) the level of price manipulation from the perspective of experts, and c) the number of written warnings issued to brokerages by the Market Supervision Department of the Tehran Stock Exchange Organization.
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